There are a lot of great benefits of merchant advances (also sometimes referred to as a merchant cash advance or small business loan alternative). One of the best benefits is the convenience. This comes in a few different forms.
The Merchant Advance application process
First of all, right off the bat the business owner does not need to burdened with the intense & all encompassing process of obtaining a business loan from the bank. Things like providing several years of audited financial statements, comprehensive business plans, corporate budgets, financial forecasts, all material contracts, insurance arrangements etc. create a colossal headache for the business owner. Especially with a small business, we understand that the business owner has to wear many different hats. One day he is the CEO, the next day he is a sales guy, the day after that he is an HR manager and later that same day he is the bookkeeper and paying bills. During that hectic schedule it is hard to find the time to produce the wealth of information a bank manager may request. That is why with a merchant advance, a simple print out of recent sales, a filled out app and a recent bank statement is all you need to get a commitment from us.
After a business is funded through a merchant advance, we like to continue to keep the process simple and convenient. Unlike banks who usually charge monthly and annual service and review charges for their loan, there are no further charges for a merchant advance once you are funded. Your payments are directly tied to your sales volumes, so we don’t get paid until you get paid. To keep track of everything, we’ve designed our own easy to use online portal for business owners to login and track their sales and account balance with us. When you are eligible for renewal, we’ll call you and go over everything, and if you ever have questions, just give us a call and someone will answer right away.
We know that convenience is very important to small business owners. In a competitive market we pride ourselves on providing the best service in our industry.